The Federal Reserve is pausing its extended campaign against inflation, holding its benchmark interest rate steady and giving borrowers a breather after 11 hikes since March 2022.
On Wednesday, Sept. 20, the Fed said it will hold the federal funds rate in a range of 5.25% to 5.5%, the same level as it announced at its last meeting, in July.
Even though the Fed isn’t boosting rates right now, borrowing costs are at their highest levels in 22 years, making it more expensive for Americans to take out loans like mortgages and to carry credit card debt.